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A legal expert tells PEOPLE the pair "seem to have done the smart uncoupling financial savvy thing" as they file for divorce
The couple revealed Friday that they are filing for divorce, an announcement that came two days before their 12-year wedding anniversary. In the statement, Witherspoon, 47, and Toth, 52, said the "difficult decision" came after "great deal of care and consideration."
"We have enjoyed so many wonderful years together and are moving forward with deep love, kindness and mutual respect for everything we have created together," they said, later adding, "These matters are never easy and are extremely personal."
Witherspoon and Toth share 10-year-old son Tennessee (she's also mom to Ava, 23, and Deacon, 19, with ex-husband Ryan Phillippe), and they're in business together as well: Toth is a founding board member of Hello Sunshine, the production company Witherspoon co-founded in 2016. Hello Sunshine encompasses Reese's Book Club and The Home Edit. It's also behind hit movies and TV shows like Big Little Lies, Daisy Jones and The Six, and Where the Crawdads Sing.
In August 2021, the Oscar winner sold a majority stake of Hello Sunshine to Tom Staggs and Kevin Mayer, with the backing of private equity company Blackstone, in a deal that valued the company at $900 million. Following that business move, Witherspoon's estimated net worth is around $430 million, per Forbes.
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Aside from being a producer, Witherspoon is still an actress. She starred in the recent Netflix rom-com with Ashton Kutcher Your Place or Mine, from her own company. Season 3 of Apple TV+'s The Morning Show, also from Hello Sunshine, is coming soon. Witherspoon and costar Jennifer Aniston are reportedly paid $2 million per episode for that series, according to The Hollywood Reporter.
Witherspoon will also reprise one of her early breakout roles when she stars in Legally Blonde 3, and she's reportedly planning on a sequel to her 1999 film Election.
Toth, meanwhile, was a talent agent with Creative Artists Agency for over 20 years before becoming head of content acquisitions and talent for Quibi, the streaming service that shut down in October 2020 less than a year after it launched. The entrepreneur and investor is a member of the board of directors for the tech company Flowcode. He's also a founding board member of Draper James, Witherspoon's clothing company.
A source told PEOPLE that Witherspoon and Toth "still plan to work together in various capacities as they've done in the past" despite the divorce.
"This is so hard for both of them. There's no drama. These decisions are so difficult when there is so much friendship and love there," said the source. "... They had a lovely courtship. He was fun and charismatic when they met, they had a lot of mutual friends and interests. Creatively they aligned in a lot of ways. They really aligned in their values. They both concluded this was right for them."
The couple have also made millions buying and selling real estate. For example, Witherspoon reportedly sold one Los Angeles home for $21.5 million last year after paying under $16 million for it in 2020. Additionally, Architectural Digest reported that the Wild actress sold a Nashville home last year for almost double what she got it for back in 2018.
Though she's not affiliated with either party in this case, Marilyn Chinitz, a New York matrimonial and family law attorney at Blank Rome, tells PEOPLE that Witherspoon and Toth "seem to have done the smart uncoupling financial savvy thing, and that's just to sell everything and create liquidity, then it's easy to divide up money."
But, there could be some "intangible assets" that may need to be worked out.
Chinitz explains, "They may have rights in certain movies, they may have cryptocurrency, they may have NFTs, and those are what we call the intangible assets. If they were able to accomplish selling residences and businesses, assuming they can identify those assets, their lawyers will be able to propose how to distribute those intangible assets if in fact they have them."
"They made their case incredibly simple and hopefully their custody case will be equally resolved on a cooperative basis," says Chinitz. "[Witherspoon's] whole world is just starting, if you think about it. So why be mired in so much conflict and pain? How intelligent to just come to a solution, divide up assets, start all over again and move on. I mean, I think they ought to be applauded for the way they've handled their divorce."
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